Independence Realty Trust ( (IRT) ) has released its Q1 earnings. Here is a breakdown of the information Independence Realty Trust presented to its investors.
Independence Realty Trust, Inc. (IRT) is a real estate investment trust that focuses on owning and operating multifamily communities across non-gateway U.S. markets, aiming to provide attractive risk-adjusted returns through strategic portfolio management and operational performance.
In its first quarter of 2025, Independence Realty Trust reported earnings per share (EPS) of $0.04 and core funds from operations (CFFO) per share of $0.27, aligning with market expectations. The company also highlighted a 2.7% increase in same-store net operating income (NOI), driven by occupancy gains and rental rate growth.
Key financial metrics for the quarter included a net income of $8.4 million, a slight decrease from the previous year, and an adjusted EBITDA of $85.7 million. The company completed 275 unit renovations under its value-add program, achieving an average return on investment of 16.2%. Additionally, IRT expanded its presence in Indianapolis and is under contract for acquisitions in Orlando and Colorado Springs.
IRT further strengthened its financial position by expanding its unsecured credit facility and entering into forward sales agreements to support future acquisitions. The company maintained its full-year guidance for 2025, reflecting confidence in its strategic direction and market positioning.
Looking ahead, Independence Realty Trust remains optimistic about its growth prospects, supported by its strong balance sheet and strategic market concentrations, positioning the company for continued performance and expansion opportunities in 2025 and beyond.